1056 Bellamy Rd · Keystone Heights, FL 32666

$160,000

3 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 64 Days on market

Built 1990 6.89 ac lot

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• Livability +4.0/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This property consists of two separate parcels totaling 6.8 acres--nearly 7 acres that immediately set it apart, offering space, privacy, and long-term potential. The home itself will require updates and improvements, but it provides a solid starting point for someone looking to reshape or reimagine the property over time. What makes this offering compelling is the balance between the existing structure and the land value. With this much acreage, the opportunity goes far beyond the current footprint. This is a property for someone with vision--ready to create something more intentional in a setting that actually allows it.

Key facts

• Acreage
• 7 acres
• Existing structure

Tags

• 7 ACRES
• EXISTING STRUCTURE
• LAND VALUE
• ACREAGE
• POSSIBILITIES

Property features AI

Finance

• Financial info: $1,542.87 annual tax (2025)

Exterior

• Parking: Additional parking available
• Utilities: Private sewer; Electricity connected; Sewer connected; Water connected
• Home design: Double wide manufactured home; One story; Entry at level 1; North-facing
• Exterior features: Agricultural lot; Dirt road access; Waterfront on a lake; Approximately 6.89 acres

Interior

• Kitchen: Dishwasher; Electric cooktop; Electric oven; Microwave; Refrigerator
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Electric cooling
• Interior features: Lakefront property; Residential single-family use

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $351 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $150k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 3.6% in Keystone Heights — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 80/100 on livability (#109 in FL, #1,684 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Putnam (town): math 34% / reading 39% proficiency, ranked #66 of 73 in FL (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 111 active listings in the ZIP; 113 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Putnam County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $55k; list at $160k implies a 191% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.10% ✓
• Cap rate: 8.93%
• Cash-on-cash: 9.40%
• DSCR: 1.42
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.1%
• Equity multiple: 0.92×
• Total profit: $-3,590
• Equity at exit: $23,857

10-year hold

• IRR: 7.6%
• Equity multiple: 1.57×
• Total profit: $25,588
• Equity at exit: $13,834

Cash invested: $44,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32666

• Home prices YoY: -5.4%
• Active inventory: 111
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,754 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$129 /mo · $1,543/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $351

Break-even live

Break-even rent $1,309

Max offer price $160,000

Occupancy floor 75%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $160,000 Active 64 DOM
2. 2026-06-17
   days on market $160,000 Active 63 DOM
3. 2026-06-16
   days on market $160,000 Active 62 DOM
4. 2026-06-15
   days on market $160,000 Active 61 DOM
5. 2026-06-13
   days on market $160,000 Active 59 DOM
6. 2026-06-09
   days on market $160,000 Active 55 DOM
7. 2026-06-08
   days on market $160,000 Active 54 DOM
8. 2026-06-07
   days on market $160,000 Active 53 DOM
9. 2026-06-05
   days on market $160,000 Active 50 DOM
10. 2026-06-03
    days on market $160,000 Active 49 DOM
11. 2026-06-02
    days on market $160,000 Active 48 DOM
12. 2026-06-01
    days on market $160,000 Active 47 DOM
13. 2026-05-31
    days on market $160,000 Active 46 DOM
14. 2026-05-15
    price $160,000
15. 2026-04-15
    listed $180,000 Active
16. 2002-06-24
    soldstatus $55,000
17. 1995-11-07
    soldstatus $35,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $1,543 · $129/mo
• Projected year-2 tax: $1,543 · $129/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 8/10 Severe 7 d/yr ≥109°F today · 18 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,042
• − Mortgage interest: −$8,962
• − Property taxes: −$1,543
• − Insurance: −$800
• − Repairs & maintenance: −$1,683
• − Management: −$1,683
• − Depreciation: −$4,655
• Taxable income: $1,716
• Est. tax owed @ 24.0%: −$412
• After-tax cash flow: $3,800/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Putnam
• NCES district ID: 1201620
• Math proficiency: 34% ▼ -10.00%
• Reading proficiency: 39% ▼ -4.00%
• Median HH income: $33,350
• Composite: 29.99/100
• National rank: #6361
• State rank: #66 of 73 in FL

Livability — Keystone Heights

• Score: 80/100
• State rank: #109
• US rank: #1684

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment B- Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,542

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 65,299 people
• By 2030: 61,255 · -6.2%
• By 2040: 52,930 · -18.9%
• By 2050: 45,051 · -31.0%
• By 2075: 28,720 · -56.0%
• By 2100: 15,852 · -75.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Black 5% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Slovak 7% Italian 2% Serbian 2%
• Foreign-born: 2%
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+47.8) · D 25.8% · R 73.6%
• 2008→2024 swing: -28.5pp toward R · 2008: -19.3pp · 2024: -47.8pp
• All cycles: 2024: R+47.8 2020: R+41.2 2016: R+36.6 2012: R+24.5 2008: R+19.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -17.77%
• Current HPI: 314.0055
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+357.1% since first listed

4 events — show timeline

• 2026-05-15 Price Changed $160,000 realMLS
• 2026-04-15 Listed $180,000 realMLS
• 2002-06-24 Sold (Public Records) $55,000 Public Records
• 1995-11-07 Sold (Public Records) $35,000 Public Records

Property tax history

+4.1%/yr

Latest (2025): $1,543 · +9.1% YoY. Source: county tax records.